6/17/2011 - Study: More affordable to buy than to rent

Renter insurance companies may find fewer people are taking out policies, as a recent study has found it's cheaper for people to buy a home than rent an apartment.

According to the study conducted by Trulia, this is the case in 80 percent of the metropolitan areas it surveyed.

"With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying," said Ken Shuman, head of communications at Trulia, a real estate website.

Some of the most affordable places to buy a home, according to Trulia, are Las Vegas, Phoenix, and Arlington, Texas.

This study reflects what the U.S. Census reported earlier this month, finding that the vacancy rate for rental properties has dropped considerable over the last year, as homeownership has declined.

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